People seem to have forgotten AGY just fairly recently picked up more land in this area for free because no one else wanted it at all. That gives you a good idea of how much someone will be willing to pay AGY for their tenement.
This marginal upgrade of a worthless resource is quite irrelevant. AGY promsied to be able to turn this resource into a saleable product in a cost-effective way. That's where their value was, not in the resource. Unless AGY expects the lithium price to rise very soon (which might have happened if Greenwashing Harris won rather than Drill Baby, Drill Trump), they're going to want to raise capital sooner than later, because the share price is going to drop for some time in the absence of any company developments or a surge in lithium price/sentiment, and raising capital will just become more difficult and expensive. People were laughing at me for saying AGY would probably be raising capital in the 2s, but now it seems obvious enough that surely even most of the remaining bulls can see it's likely.
They will probably not want to say 'we need to raise capital to keep the lights on while we do nothing', so a story more like 'We are raising capital to drill and upgrade our resource while we await resumption of activities and also to fund company expenses while we prepare for the next phase of operations' would go down better with investors, even if drilling never actually happens.
On the back of the election, in JZ's shoes I'd be doing the CR as soon as possible; no point waiting until it's obvious and people are jumping ship, dropping the share price into the 2s before the CR is even announced.
AGY Price at posting:
3.7¢ Sentiment: Sell Disclosure: Not Held
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